What Happens If You Miss the
15th August Tax Deadline?

• A Statement of Estimated Tax Payable (SET) must be filed by 15th August each year. This is required as per section 91 of  the Inland Revenue Act No. 24 of 2017 (as amended). 

• This document requires taxpayers to estimate their annual tax payable for a particular year. Based on this annual estimated tax payable, quarterly payments need to be made. 

• Individuals having an income over Rs.100,000 per month (Rs.1.2 million per year) need to file a SET. From all sources of income including employment, business income and investment income like fixed deposits. 

• You will be required to file SET (and a Tax Return in November) but will not be required to pay anything extra. 

• Ensure that you claim the personal relief of Rs. 1.2 million. 

• You may have to pay additional taxes depending on your income. 

• However, if your total income is Rs. 2.3 million per year, it is likely that you are due a refund. 

Our Lanka.tax tax calculator will tell if a refund is due. 

• There are 2 possible ways to do this, depending on whether withholding taxes have been deducted from your rent.

• Ensure that your SET calculation takes account of the withholding tax deducted and 25% rental relief and any other allowable expenses. Watch our video on rental income taxes to learn more

• If you have a loan taken to purchase this property, you may be able to claim the interest expense.

Our tax calculator takes withholding taxes and other deductions into account. 

Download your step-by-step guide on how to claim tax refunds here 

• You can claim the solar deduction if you have invested in a solar power system. 

Our Lanka.tax tax calculator allows you to include the solar deduction. 

• The penalty for non-filing of the SET is up to Rs. 1,000,000. The penalty for submitting a false/misleading SET is Rs.50,000.

• Yes, only through lanka.tax with a DFCC Bank Credit Card, you can pay your taxes, using up to 12 instalments! The handling fee is super low, at just over 3% for the full 12 months!

• If you don’t have a DFCC Credit Card yet, book an appointment with us and get a free credit card.

• Book a free confidential consultation to get you fully compliant with Taxes. 

• If you are a Dialog Genie Customer, you can buy the coupon using the app and even get a discount.